The Central African Republic launches crypto-hub Sango

The Central African Republic (CAR) has launched its Sango crypto hub. This initiative is supported by the government and aims to promote the development of the local digital asset industry.

Project Sango follows the adoption of Bitcoin (BTC) as a legal tender by the Central African Republic in April. This initiative aims to attract companies and crypto professionals and enthusiasts around the world, increase local BTC acceptance and oversee the adoption of crypto-regulatory frameworks and infrastructure. A Metaverse platform called The Crypto Island and also a Sango Coin are also on the way.

At the opening event on Sunday, President Faustin-Archange Touadéra spoke about Sango’s vision: “A common cryptocurrency and an integrated capital market that can boost trade and promote growth.”

The main points highlighted by President Touadéra were financial inclusion and the need to offer citizens easy access to cryptocurrencies via a smartphone. He compared the initiative to the underutilized banking sector in the Central African Republic, where there are several barriers to entry:

“Citizens will benefit at all levels, they will live in a country that will be economically mature. That means employment and prosperity. They will also be able to use virtual transactions, which unlike traditional banking have the advantage of being fast. and are accessible, can be done quickly, are unbureaucratic and costly. “

“This technology will give the continent an identity by reducing costs. This vision is perfect and we do not have time to wait. […] For us, the formal economy is no longer an option, “he added.

Despite optimistic statements by the President of the Central African Republic about the project, the World Bank said in May that it would not support “Sango” because of concerns about transparency and “possible consequences for financial inclusion”.

Sango is supported by the CAR National Assembly and, above all, promoted by President Touadéra. Not many details are known yet, but a central focus of the project will be the tokenization of the country’s rich natural resources to enable better investment access.

Citizen identity and asset ownership are also stored in the form of a non-fungal token (NFT). In addition, Crypto Island will play a crucial role in nurturing this ecosystem and giving verified users access to tokenized assets.

In this context: Retail investors are bleeding – Bitcoin (BTC) next against $ 18,000

The region is also already working on a local wallet for Bitcoin and the Lighting Network.

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